Most leases longer than five years will contain at least onerent review. The purpose of the review is to reflect what has happened in the market since the start of the lease and update the rent to its current open market value.
The lease will contain a rent review clause, which sets out what assumptions need to be made and what matters should be disregarded in determining the rent.
The wording of this clause can have a great impact on the rent review and we will give you the best possible advice and the benefit of our experience. For instance, the lease may ask the parties to assume a different length of lease to the unexpired term, whilst the lease may have only five years to run; yet the review clause could seek a rent on the basis of a much longer term.
In addition, with our local knowledge of comparable transactions, we are in the best possible position to advise on current market rental value, having taken the wording of the lease into consideration.
After our initial valuation, we negotiate the most favourable terms on your behalf and where necessary, prepare submissions to an independent expert or arbitrator.
We guide you through the whole process, informing and advising you every step of the way.